Craig Harris Stochastics Method

Stopped out @1.6019,,,,,,

Thanks for the welcome Big E,

Here is my NY short GU. I took the short but price came back against me so when it went in my favor I got out at break even.

Trade ended up dropping 48 pips after I got out.

I have to work on my stop loss. If I had put it at the top of the reversal candle it would have worked out.

This is a great set up...

Maybe a long on GU setting up...At least I'm watching to see if it works out..

This is a recap of how I traded the E/U. From the black dotted line are four swings that I entered and exited using CH method. The first trade just above the big# and set my TP at the next big #1.4450 +25. Next trade was a break below the reversal candle and set the TP 2 levels down to 1.4400. The support at the bottom of the Tokyo Channel was strong.+27. Fast in and out on the next swing for +10. To the left of the black dotted line showing strong resistance. Next trade down a break of the reversal candle and exited just below the big # 1.4400 +15. The main things that I look at is the S/R, Big #s, and 5 candles per swing.

piptalk, app you posting your trades and results. Very helpful...


thx
bulls

ps. also i have a mind block on the stochs. What goes thru your mind when looking for stochs to agree. Because the Stochs havent been formed yet, and they change to what price does. Do you look more for a cross. Do you even pay that much attention as long as they are pointing up? thx

Hi B&B,,,,,I know stoch can either mean ranging or trending,,,,But the way I approch is wait for os/ob preferably above or below 80/20 lines,,,,But not an exact science,,,,,Also a swing of 50 pips or more is a red flag for retracement,,,,Like CH said is to take advantage of the natural flow of the market,,,If you follow the flow you should get a 65-75% accuracy.And maybe even higher as we fine tune our skills. .and THATS A VERY PROFITABLE TRADING SYSTEM!!,,,,As our confidence grows so will our wallets!!!,,,,Continue to take partial profit that your comfortable with and then go to breakeven for capital preservation,,,,Let the balance run or take profit by the second big# tier,,,Another idea is for everyone to open a ,,,myfxbook.com...That way you can have an exact performance record to base the success of this system!,,,,thx

Here is a late NY trade long at break of reversal candle +15 got out at the 00.

Nice BP,,,,Perfect setup!!!,,,This what this method is all about,,,Its so simple!!!,,,,BTW,,,I took the same trade,,,,,,,,,,,,,,,,Still in partial,,,I will set my stops under each previous bull candle ,,,,

Hey PT, nice trading. I like this set up I have been trading for a year with different things most seem to work with money management, but this is such a cut and dry mechanical way to trade. I think I will start using multiple lots so I can scale out and hope for a runner once in awhile.

I think I saw someone talking about a trading room with this set up. I'm in if it happens.

Hello,

some posts ago mr.E said above to Kovekal.

can somebody post a chart were the reversal lines hooking down or up are visible for better understanding perhaps ?

greetings,

muppet

Hello NeoRio,

thanks for this info. i was not aware of this difference when installing the indicator. i have now adjusted for FXDD +2hours.

in this topic is a timeclock when it is installed lets see the opens and closes of the different markets but also the brokertime and gmt time.

greetings,

muppet

You guys/gals are making smokin' trades here. I hope you keep it up and even more post their charts and results. Once you get the hang of it you begin to see how simple it is and yet powerful for making your daily goal for pips in the bank. Make your goals reasonable and increase it slowly as this method becomes concrete in your mind.

PipCop made a killing last night making trades, using a trailing stop and then back to bed. PipTalk did the same thing with success. If you have never done that before... try it on your demo account.

Make sure your using sound money management only trading 2-3% of your account per trade. If you can afford it... trading multiple lots is good. If your real account is too low to do that... demo multiple lots so you can get the feel and experience.

Because most traders open a live account with the minimum balance required... they are strapped on the amount they can trade safely and not burn up their live accounts. I encourage everyone to make the time to study your favorite chart or two... learn how it generally moves, average number of candles per swing on a specific time frame, etc. Go back 30 days to 3 months or more and carefully study it's every move and it's repeating moves, repeating times. In the long run it will pay you back mightly for the time you invested in your own education.

I have a question about SL. Is it better to put it below the previous swing or the reversal candle. I have seen both not sure which to follow. Obviously the swing is going to have more risk.

Just curious what people are doing and having success. No reason to reinvent the wheel...

I am only trading GU at this time. GU seems to give up enough pips with this style of trading...

Thanks for the input...

Hey there everyone, hope you're having a great day. I've been really enjoying getting to know this method of trading and I'm grateful for all the excellent help and support, especially Big E who started this thread, thank you!

One of the main things I'm still trying to figure out is what type of candlesticks to use; Heiken Ashi or regular Japanese candlesticks. Up until now I have always used Japanese candles and have invested some time learning to read different patterns, so when I set up my charts to have the Heiken Ashi candles, it was a little bit of a leap of faith, as I couldn't read many of the patterns Japanese candlesticks form.

After nearly 2 weeks of using only the Heiken Ashi candles I've begun to get used to them, but I still find it hard to read them, especially for entries. At the same time I rather like them for reading the strength of a trade--once I'm in the trade. They are nice and much easier for getting a good "feel" for how long a thrust or move might last. Because of this I have toyed with the idea of using my regular Japanese candles for reading trade entries and then switching to a template that has the Heiken Ashi candles once I'm in the trade, to manage and baby-sit the trade.

I wanted to share these thoughts so that I could possibly hear hear from others who have experience with both candle types. I realize you, Big E, use the Heiken Ashi candles...and I can see why, they're lovely. Then I see others' charts, like PipTalk, who uses regular Japanese candlesticks...and I can see the candle patterns much easier with those.

When we talk about things like "waiting for a reversal candle to change colors", that can mean a very different thing from an HA candle to a Japanese candle and vice versa.

Best Regards,
NeoRio

Took my first -18 pip loss on the Asia open...Got to take good with the bad now wait for new set up...

Here is a few strong resistant areas for tonight,,,100 sma and the 1 hr. trendline,,,

FWIW, the Tokyo Channel had not yet reached 40 pips (assuming you entered that trade around the Asian open and not earlier in the day).

Hi Neo...I like the standard candles ,,,Because I like to look for pinbars,,,morning stars,,,evening stars,etc..,,as they can be a good signal for reversals,,,I have used HA,,,,,,And I really like them,,,But I am just more confortable using them with this system,,,,,,,,,

Yes I didn't wait for the channel to form. Still learning this set up need to make some notes...

Ok now I understand the channel forming then taking the swing. Got long on this one hit second big number +25. Also took a long on EJ got out at +10 so I wasn't over exposed...

So I doubled my lots and made back the loss and then some. I think that is great money management. It will keep me from fearing the inevitable loss I will encounter.